Srinagar: The Enforcement Directorate carried out raids at several places in Srinagar city under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a case relating to suspicious transactions in Jammu and Kashmir Bank on Saturday.
According to sources, the ED sleuths conducted raids in connection with bank fraud in several locations in Srinagar including Harwan, Khanyar and other places of the city.
The investigations conducted under PMLA so far have revealed that the transactions in many of these bank accounts maintained with Jammu and Kashmir Bank were not genuine and these accounts were utilized for the purpose of laundering, sources said.
The ED said it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli who are "involved" in the hospitality and agro-based industries, civil construction and real estate businesses.
"The searches resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions," it said.
The ED is probing the case after studying an earlier FIR filed by the CID of the UT Police in Srinagar against officials of J&K Bank, unidentified public servants, private persons and others for suspicious transactions in various bank accounts.
The CID FIR, the ED said, alleges that bank accounts were used for routing money of public servants as well as some private parties.
ED sleuths are recording the statement of the people covered in the searches "to unravel the source of huge credits and debits in their accounts".
"Recovered incriminating documents and soft data are also being analysed," it said.
Further investigation is under progress.
(with PTI inputs)
